TikTok’s $4 Billion Advertising Machine Is Messy Behind the ScenesRead More

Briefing
Facebook

Meta Platforms Reports First-Ever Revenue Drop and Projects More of the Same in Q3

By Amir Efrati
· · Source: The Information

Facebook’s ad-mageddon continues. The social network’s parent company Meta Platforms on Wednesday reported a 1% revenue decline in the second quarter to $28.8 billion—the first-ever quarterly drop in its 12 years as a public company—as a combination of macroeconomic issues and falling ad prices took its toll. Making matters worse, the company’s free cash flow fell by 46% to $4.6 billion. And...

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